Investor Presentation Intmation of... · 2018. 9. 7. · (PT GEMS) Under Construction / Development (Hydro) Hyderabad International Airport ^ Mactan-Cebu International Airport, Philippines

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Investor Presentation

FY2018

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DISCLAIMER

All statements, graphics, data, tables, charts, logos, names, figures and all otherinformation (“Contents”) contained in this document (“Material”) is prepared by GMRInfrastructure Limited (“Company”) soley for the purpose of this Material and nototherwise. This Material is prepared as on the date mentioned herein which is solelyintended for reporting the developments of the Company to the investors of equityshares in the Company as on such date, the Contents of which are subject tochange without any prior notice. The Material is based upon information that weconsider reliable, but we do not represent that it is accurate or complete.

Neither the Company, its subsidiaries and associate companies (“GMR Group”), norany director, member, manager, officer, advisor, auditor and other persons(“Representatives”) of the Company or the GMR Group provide any representationor warranties as to the correctness, accuracy or completeness of the Contents andthis Material. It is not the intention of the Company to provide a complete orcomprehensive analysis or prospects of the financial or other information within theContents and no reliance should be placed on the fairness on the same as thisMaterial has not been independently verified by any person.

NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVESOF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITYWHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROMANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTIONWITH THIS MATERIAL.

This Material is published and available on the Company’s websitewww.gmrgroup.in which is subject to the laws of India, and is soley for informationpurposes only and should not be reproduced, retransmitted, republished, quoted ordistributed to any other person whether in whole or in part or for any other purposeor otherwise.

Any reproduction, retransmission, republishing or distribution of this Material or theContents thereof in certain jurisdictions may be restricted by law and persons whocome into possession of this Material should observe such laws and restrictions ifany.

This Material and any discussions which follows may contain ‘forward lookingstatements’ relating to the Company and the GMR Group and may include

statements relating to future results of operation, financial condition, businessprospects, plans and objectives, are based on the current beliefs, assumptions,expectations, estimates, and projections of the directors and management of theCompany about the business, industry and markets in which the Company and theGMR Group operates and such statements are not guarantees of futureperformance, and are subject to known and unknown risks, uncertainties, and otherfactors, some of which are beyond the Company’s or the GMR Group’s control anddifficult to predict, that could cause actual results, performance or achievements todiffer materially from those in the forward looking statements. Such statements arenot, and should not be construed, as a representation as to future performance orachievements of the Company or the GMR Group. In particular, such statementsshould not be regarded as a projection of future performance of the Company or theGMR Group. It should be noted that the actual performance or achievements of theCompany and the GMR Group may vary significantly from such statements. Allforward-looking statements are not predictions and may be subject to changewithout notice.

This Material is not and does not constitute any offer or invitation orrecommendation or advise to purchase, acquire or subscribe to shares and othersecurities of the Company or the GMR Group and not part of this Material shallneither form the basis of or part of any contract, commitment or investment decisionnor shall be relied upon as a basis for entering into any contract, commitment orinvestment decision in relation thereto. Prospective investors in the Company or theGMR Group should make its own investment decisions and seek professionaladvice including from legal, tax or investment advisors before making an investmentdecision in shares or other securities of the Company or the GMR Group.Remember, investments are subject to risks including the risk of loss of the initialprincipal amount invested; past performance is not indicative of future results.

REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA,OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGECOMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA(“SEBI”), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL ORDETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANYREPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINALOFFENSE.

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Table of Contents

Particulars Pg. No.

Institutional Framework 3 – 7

Business Overview 8 – 11

Airport Sector 12 – 17

Energy Sector 18 – 23

Urban Infrastructure & Transportation 24 – 26

Summing Up 27 – 31

Financial Analysis – Q4 / FY18 32 – 43

Annexures 45 - 56

Institutional Framework

4

Visionary Leadership - Building Institution For Perpetuity…

GM Rao

Group Chairman

• Founder Chairman of the Group• Actively guiding the group by providing

Vision & Strategy

G Kiran Kumar

Corporate Chairman

& MD

• Previously: Led bids for Hyd and DEL airports, Chairman Airports, Chairman UI&H

B V N Rao

Chairman,

Transportation &

Urban Infra

• Previously: Corp Chairman, Chairman Energy

Srinivas Bommidala

Chairman, Energy

• Previously: MD DIAL, MD GMR Power & Chairman Airports and UI&H

NC Sarabeswaran

• Ex-RBI’s nominee Director on the board of Vysya Bank

R S S L N Bhaskarudu

• Ex- MD of Maruti Udyog Limited

S Sandilya

• Chairman - Eicher Motors • Board Member - Parry’s

Sugar & Mastek

S Rajagopal

• Ex-Chairman & MD of Bank of India, Indian Bank

C. R. Muralidharan

• Ex- ED of Bank of Baroda

Kameswari Vissa

• CA with 24 yrs of experience• Board Member: L&T valves,

Madura microfin

GBS Raju

Chairman, Airports

• Previously: Chairman Corporate, International Business & Energy

INDEPENDENT DIRECTORSTHE GROUP HOLDING BOARD

Group has rotated its Business Chairmen across verticals as a healthy governance practice

Vikas Deep Gupta

• Partner - Corporate Finance Group of Piramal Finance Ltd

ADDITIONAL DIRECTOR

5

• Independent panel comprising eminent industry leaders

• Quarterly meetings

• Brings Outside – in view

• Advises on business strategy and future positioning

External advisory council ensures highest standards of Governance and Professionalism

Dr Ram Charan • Highly acclaimed business advisor, speaker, and author.• For 35 years, he's worked with companies like GE, BoA, DuPont, 3M,etc.

• Retired IAS, with 30+ experience in financial services and PSUs.• Served leadership positions- Chairman SEBI,CMD IDBI Bank, Chairman UTI

• Former MD & Chairman of SBI, Chairman of Indian Bank’s Association.• Independent Director & interim Chairman of TATA Steel

Pradip P Shah • Founder / Co-founding member Indocean, CRISIL and HDFC.• Advisory roles to USAID, The World Bank and ADP

Sanjeev Aga • Experience of 40+ yrs, Now engages in advisory/board• Has been CEO/MD at Blow Plast / VIP Industries, Aditya Birla Nuvo, Idea.

Daljit Mirchandani • Former Chairman Ingersoll Rand/ leadership positions with Kirloskar group.• Serves on the advisory and statutory Board of various Companies

Dr V Sumantran • Executive Vice-Chairman of Hinduja Automotive• Was chief executive of TATA Motors (Cars);16-year stint with GM in Detroit

Luis Miranda • President & CEO at IDFC alternatives.• Now works for non-profits & also as advisor to Morgan Stanley Infra.

M Damodaran

O P Bhatt

Group Performance Advisory Council

6

Vision & Core Values

GMR Vision

“GMR Group will be an Institution in perpetuity that will build Entrepreneurial

Organizations, making a difference to Society through creation of Value”

HUMILITYWe value intellectual modesty and dislike false pride and arrogance

ENTREPRENEURSHIPWe seek opportunities – they are

everywhere

TEAMWORK & RELATIONSHIPSGoing beyond the individual-

encouraging boundary less behavior

DELIVER THE PROMISEWe value a deep sense of

responsibility and self-discipline, to meet and surpass on commitments

made

LEARNING & INNER EXCELLENCEWe cherish the life long commitment to

deepen our self awareness, explore, experiment and improve our potential

SOCIAL RESPONSIBILITYAnticipating and meeting relevant and

emerging needs of society

RESPECT FOR INDIVIDUALWe will treat others with dignity,

sensitivity and honor

Our Values and Beliefs

7

Committed to “Giving Back To The Community" through GMR Varalakshmi Foundation

“To make sustainable impact on the human development of under-served communities through initiatives in education, health and livelihoods”

Mission of GMR Varalakshmi

Foundation

Our Four Pronged approachThrough

“Our Projects”

• GMRVF works with communitieswherever Group has businessoperations

• 25 locations in India & 2 in Nepal• One airport of GMR has been

recognized as an example of“Reaching out to Bottom of Pyramid”in the National Voluntary Guidelinesfor Responsible Business publishedby Ministry of Corporate Affairs

Through “Personal Philanthropy”

• Family Tradition of “Giving back to society”

• 1991 - Formal foundation activities started from Rajam (A.P) in South India

• Group Chairman (GM Rao) has pledged his entire individual shareholding in the Group to the Foundation

• Family Constitution ensures donation by the family members to the Foundation

GMR VaralakshmiFoundation

Education

Health, Hygiene & Sanitation

Community Development

Livelihood

Business Overview

9

GMR Group : Evolution And Key Milestones

Growth Phase Managing Turbulence Consolidation Cash Flow

Stabilisation

Group(Capital Raising)

• IPO - INR 8bn • QIP - USD 1bn

• QIP - USD 315mn • QIP - INR 14.8bn• Rights issue - INR 14.0bn• FCCB - INR 20bn from KIA

Airports

New Airport Wins• Delhi Airport• Hyderabad Airport (CoD in 2008)

Commencement of Operations• DIAL - Completed Terminal 3 of in

record 37 months • Istanbul Airport

Capital Raising• GMR Airports - USD 330mn from

PE Investors

Divestments• Istanbul Airport, Turkey

New Airport Wins• Cebu Airport in Philippines

• Received compensation of USD 271mn for Male Airport

New Airport Wins• Mopa Airport, Goa in Aug’16• Crete Airport, Greece in Jun’17• Clark Airport, Philippines in Dec’17

(EPC project)

International Bonds• Delhi Airport - USD 812mn• Hyderabad Airport - USD 350mn

Energy

Commencement of Operations• Chennai Power Plant (200MW)

Acquisition• 50% stake in Intergen Power –

USD 1.1bn

Capital Raising• GMR Energy - USD 300mn from

PE Investors

Acquisition• 30% stake in PT GEMS (coal mine

in Indonesia) – USD 520mn

Divestments• Intergen Power for USD 1.2 bn

Commencement of Operations• Warora (Coal - 600MW)• Kamalanga (Coal – 1,050MW)

Divestments• Island Power Project, Singapore

Capital Raising/Partnership• Tenaga - 30% stake in GMR Energy

for USD 300mn

Equity Partnership with Lenders• Rajahmundry (Gas – 768MW)• Chhattisgarh (Coal – 1,370MW)

Divestments• 2 Transmission assets • PT BSL coal mine (Indonesia)• Himtal (hydro) project (Nepal)

Urban Infra & Highways

Commencement of Operations• Tuni Anakapalli• Tambaram Tindivanam• Ambala Chandigarh

Commencement of Operations• Pochampalli• Jadcherla Expressways• Ulundurpet Expressways

Commencement of Operations• Hyderabad Vijayawada• Hungund Hospet• Chennai ORR

Divestments• 2 Highway projects

New Project Wins• EPC project of INR 51bn on eastern

DFCC

Divestment• 1 Highway project

1996 - 2008 2009 - 11 2012 - 14 > 2015

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Business Overview

AIRPORTS~275 Mn Total Passenger Capacity• ~83 mn capacity operational, ~76 mn under development• Operational airports: Delhi and Hyderabad in India, Cebu in Philippines • New wins : Goa in India, Crete in Greece, Clark (EPC) in Philippines

• Airport Land : 230 acres in Delhi, 1,500 acres in Hyderabad, 232 acres in Goa

ENERGY~6,800 MW Power Generation Capacity• Coal Based : ~3,000 MW operational & 350 MW under development• Gas Based : ~1,400 MW operational• Hydro Projects : 180 MW under construction & 1,800 MW under development*• Solar : 25 MW & Wind : 3.4 MW• 4 Coal Mines : 2 each in India & Indonesia* (Reserves : ~1,020 mn tons)

TRANSPORTATIONHighways - 6 Operational Projects • 4 Annuity Projects : 285 kms & 2 Toll Projects : 216 kms

Railways • Construction of 417 Km stretch in Eastern DFCC

URBAN INFRASTRUCTURE~13,000 Acres Land• 10,400 acres in Kakinada (AP) & ~2,500 acres in Krishnagiri (TN)

* Share Purchase Agreement signed to divest entire stake in Himtal hydro project (600MW) in Nepal and in PT BSL (Indonesian coal mine)

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Corporate Structure

Promoter & Promoter Group

61.7%

FIIs 17.1%

MF & DIIs 9.1%

Others 12.2%

Shareholdingas on Mar 31,

2018

* Includes both direct & indirect holding Share Purchase Agreement signed to acquire 11% stake from MAHB group in Feb’18

^^ Share Purchase Agreement signed to divest entire stake

97.15% 52%* 100%

GMR Infrastructure Ltd

100%*

Operational Projects Stake Operational Projects Stake Operational Projects Stake Annuity Projects Stake Projects Stake

Warora Plant (Coal) 100% Chhattisgarh Plant (Coal) 48% Tuni Anakapalli 100% Kakinada SIR 51%

Kamalanga Plant (Coal) 87.4% Rajahmundry Plant (Gas) 45% Tambaram Tindivanam 100% Krishnagiri SIR 100%

Kakinada Plant (Gas) 100% Wind Projects 100% Pochanpalli 100%

Vemagiri Plant (Gas) 100% Chennai ORR 90%

Solar Power Project 100%

Bajoli Holi Project * 100% Ambala Chandigarh 100%

Alaknanda Project 100% Hyderabad Vijaywada 90%

Upper Karnali Project 73% Hungund Hospet ^^ 36%

Upper Marsyangdi Project ^^ 82%

Special Investment Region

BOT (toll) Projects

GMR Highways Ltd

100%

Other Energy AssetsGMR Airports Ltd GMR Energy

Coal Mines (Indonesia)

Delhi International Airport

Goa International Airport (Mopa) 100% PT Golden Energy Mines(PT GEMS)

Under Construction / Development (Hydro)

Hyderabad International Airport ^

Mactan-Cebu International Airport, Philippines

Under Development Project

30%

Clark Internation Airport, Philippines (EPC) 50%

64%

74%

40%

PT Barasentosa Lestari (PT BSL) ^^

Crete International Airport, Greece 21.6%

Airport Sector

13

GMR Airports : Focus on Emerging Markets


GMR Airports Ltd

Delhi Airport (DIAL)

Hyderabad Airport (GHIAL)

Mactan Cebu, Philippines

Crete Airport, Greece

Goa Airport (Mopa)

97.15%

* Includes both direct & indirect holding** Duty Free business is merged with GHRL Share Purchase Agreement signed to acquire 11% stake from MAHB group in Feb’18

Cargo (Celebi)

Duty Free (DDFS)

Advertising (TIMDAA)

Fuel Farm (DAFFL)

Car Park (DAPS)

Delhi Aviation Services

F&B (TFS)

Duty Free **

Hotel (GHRL) **

Cargo (HMACPL)

MRO

Advertising (Laqshya)

Real Estate

64%

67%*

50%

40%

90%*

26%

49%

26%

21.6%

74%^

100%

51%

100%

100%

100%

49%

40%*

100%

Clark Airport, Philippines

50%*

Operational Under Development

Subsidiaries / JVs EPC

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Airport Assets

Project Delhi International Airport (DIAL)

Hyderabad International Airport (GHIAL)

Goa International Airport (GGIAL)

Mactan - Cebu International Airport,

PhilippinesCrete International

Airport, Greece

Status Operational Greenfield Development Brownfield Development Greenfield Development

ShareholdingGMR - 64%Fraport - 10%AAI - 26%

GMR - 74% ^GoAP - 13%AAI - 13%

GMR - 100% GMR - 40%Megawide - 60%

GMR - 21.6%TERNA S.A. - 32.4%Govt. of Greece - 46.0%

Passenger Capacity (annual) 66 mn 12 mn 7.7 mn * 16 mn *

(Existing : 5 mn)15 mn

(Post construction)

Rated Capacity 119 mn 80 mn 33 mn 28 mn 15 mn

Concession Terms

• Started April 2006

• 30 + 30 years• 46% revenue share

• Started March 2008

• 30 + 30 years• 4% revenue share

• Started Sep 2017

• 40 + 20 years• 37% revenue shareProject cost• INR 19bn (Phase 1)

• 25 years from April 2014

• Phase 1 expansion to be completed in Jun’18

Project cost• USD 750mn incl. upfront

of USD 320mn + VAT

• GMR to be Airport Operator

• 35 years (includingconstruction period)

Project cost• Euro 530mn

Revenue Structure

• Aero Revenues - Return on Capital

• Non-Aero Revenues - Duty Free, Retail, F&B, Advertising, Car Park, etc.

• Commercial Property Development (CPD)

• Aero revenue - Pre-determined PSF

• Non-Aero revenue from allied activities

• Aero revenuedetermined based on Dual Till methodology

Commercial PropertyDevelopment

• 230 acreso 45 acres completedo 23 acres awarded

to Bharti Realty

• 1,500 acreso ~90 acres already

monetized

• 232 acres • 11 acres • 100 acres

Traffic – FY18 65.7 mn pax ( ▲ 14%) 18.3 mn Pax (▲ 20%) N.A. 10.0 mn pax ( ▲ 12%) N,A.

* Post completion of Phase 1 Share Purchase Agreement signed to acquire 11% stake from MAHB group in Feb’18

Airports outside IndiaAirports in India

15

Non-Aero Businesses : Delivering Strong Growth

Cargo Fuel Farm MRODuty Free F&B Advertising Car Park

Source: Company data;

Demonstrated Track Record of Successful Execution Across Value Chain of Non-Aero Businesses

Delhi Airport : Non-Aero Revenues Hyderabad Airport : Non-Aero Revenues

3.03.3

4.0

4.5

FY15^ FY16 FY17 FY18

INR bn INR bn

FY15 financials are based on I-GAAP; * FY16 financial adjusted for one-time adoption of Ind-AS

11.4

13.615.3

18.0

FY15^ FY16* FY17 FY18

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Real Estate : Unique Opportunity Beyond Core Airport

Delhi Airport

Hyderabad Airport

Prime Real Estate

230 acres available for development

Strategic Location

Between Central Delhi (current CBD) & Gurgaon

(commercial hub)

Long Lease Period

Land parcels available till 2066

Track Record of Monetization

68 acres monetized with considerable scope for

growth

High Occupancy

Prime hospitality market with scope for hotel

additions

Excellent Connectivity

Dedicated high speed metro line & 8-lane access

road to NH8

Large Land Bank

1,500 acres available for development

Key Location

Organic extension of commercialized west

Hyderabad

Long Lease Period

Land parcels available till 2068

High Value Monetized Land

~90 acres monetized with huge scope for

growth

Mixed Use Model

Land Use across hospitality, education,

warehousing, entertainment etc.

Excellent Connectivity

Connected by NH44, NH765 and Nehru Ring

Road

• 230 acres of land for commercial development

• 68 acres of already monetized: o 45 acres (Hospitality) o 23 acres (Retail) – Bharti Realtyo Hospitality brands - JW Marriot, Lemon

Tree, Novotel, Pullman, etc

• Remaining 162 acres to be developed in different formats

• 1,500 acre land to develop as an “Aerotropolis”o ~90 acres land monetizedo Operations commenced for Amazon,

Decathalon, MRO, Novotel, CFM, Pratt & Whitney, etc

• Monetization kicked off for balance land under various commercial formats

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Airports Business : Main Growth Engine

Large potential for expansion

Clear expansion plans in place to cater to rapidly growing volumes DIAL to expand to 119 mn (rated capacity) from 66 mn, becoming one of the largest airports in

the world; Hyderabad can expand upto 80 mn (rated capacity)

Significant unregulated commercial revenue upside

Strong non-aero performance (4-yr CAGR of 16%) and significant potential to grow; Duty freeSPP of ~USD 10/pax in Delhi vs. USD ~25/pax at Dubai/Bangkok

Major revamp of retail offerings underway to cater to evolving pax. profile of young/aspirationaltravelers; plans to develop Delhi as a cargo hub

Outstanding Real Estate opportunity

Marquee hospitality/retail development in 68 acres at Delhi; vision to develop central businessdistrict (CBD) on remaining 162 acres (Total – 230acres)

Hyderabad Airport has one of the largest free unencumbered airport land banks - 1,500 acresenabling development of both industrial ( SEZs) and commercial formats

Rapidly growing passenger volumes

Low penetration of flying (0.07 trips per capita vs. 0.3 in China) 3rd largest domestic aviation market in 2016; to become 3rd largest global aviation market by

2025

Positive regulatory momentum

Comprehensive new aviation policy to strengthen growth in the Indian aviation market Regulatory clarity on major regulatory issues, especially applicability of 30% hybrid till Favourable judgement from TDSAT (appellate tribunal) provides clarity on long pending issues

Energy Sector

19

GMR Energy : Strategic Partnership with Tenaga Nasional Berhad


GMR Energy Ltd

Kamalanga Power Plant (Coal - 1,050MW) *

Warora Power Plant (Coal - 600MW)

Kakinada Power Plant (Gas - 220MW)

Gujarat Power (Solar - 25MW)

Bajoli Holi Project (Hydro - 180MW)

Upper Karnali Project (Hydro - 900MW)

Upper MarsyagadiProject (Hydro - 600MW)^

Alaknanda Project (Hydro - 300MW)

Thermal(Coal & Gas)

Renewable(Hydro & Solar)

Chhattisgarh Power Plant (Coal – 1370MW)

Rajahmundry Power Plant (Gas – 768MW)

Other Assets

Coal Mines – Indonesia- PT GEMS- PT BSL^

Tenaga NasionalBerhad

Private Equity Investors

52%

18%30%

Note: All stakes includes both direct & indirect holding* Excludes 350MW of Unit 4 which is under development Share Purchase Agreement signed to divest entire stake

Operational Under Construction Under Development

Vemagiri Power Plant(Gas - 388MW)

SDR completed

SPA signed to divest PTBSL

Tenaga ascribed an Equity Valuation of USD 1bn (~INR 67bn) to GMR Energy Ltd.

20

GMR Energy Ltd. : Diversified Portfolio of Projects

Project Warora(Maharashtra)

Kamalanga(Orissa)

Vemagiri(Andhra Pradesh)

Kakinada – Barge Plant(Andhra Pradesh)

Bajoli Holi(Himachal Pradesh)

Fuel Coal Coal Gas Gas Hydro

Ownership 100% 87.4% 100% 100% 100% ^

Capacity 600 MW 1,050 MW * 388 MW 220 MW 180 MW

Project Cost INR 42.5 bn INR 65 bn INR 11.5 bn INR 6 bn INR 22 bn

CoD September 2013 March 2014 September 2006 June 2010 Expected in 2019

Power Off-take

• Fully contracted through long term PPA

• 85% of power contracted through long term PPA

• 100% Regulated Tariff

• 23 years PPA with Andhra Pradesh & Telangana

-• ~50% of saleable power

contracted through long term PPA

Fuel Linkage• Confirmed linkage from

Coal India Ltd. for entire capacity

• Confirmed linkage from Coal India Ltd. for entire contracted capacity

• Gas not available since FY13

• Plant operated undereRLNG scheme during FY16 & FY17

- • Run of the river facility

PLF• 70% in FY17

• 71% in FY18• 65% in FY17

• 61% in FY18• Operated till FY12

• 9% in FY17• Operated till FY12 -

Others • Refinancing of project loan completed

• Refinancing of project loan completed • Debt-free plant • Debt-free plant

• Under Construction with ~70% completed by Mar’18

* Excludes 350MW of Unit 4 which is under development Includes both direct & indirect holding

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Other Energy Projects

Project Raikheda(Chhattisgarh)

Rajahmundry(Andhra Pradesh)

Fuel Coal Gas

Ownership 48% 45%

Capacity 1,370 MW 768 MW

Project Cost INR 124 bn INR 49.4 bn

CoD • November 2015 (Unit - 1)• March 2016 (Unit – 2) • October 2015

Power Off-take • Long term PPA with Chhattisgarh TransCo for 5% of gross capacity • To enter into long term PPA based on sustainable gas supply

Fuel Linkage• Have Talabira and Ganeshpur coal mine

• Coal mining at Talabira started from Aug’15

• No long term gas supply contract in place

• Secured gas supply under e-RLNG scheme from Oct’15 to Sept’16

Strategic Debt Restructuring (SDR)

• Reason : Absence of long term Power Purchase Agreements

o Debt of INR 30 bn converted into equity - consortium lenders acquired 52% shareholding

o Debt (post SDR) – INR 58 bn

• Reason : Absence of long term Fuel Supply Agreement and Power Purchase Agreements

o Debt of INR 14 bn converted into equity - consortium lenders acquired 55% shareholding

o Debt (post SDR) – INR 24 bn

22

Indonesia Coal Mines

Project PT GEMS PT BSL

Mine Location Indonesia Indonesia

Ownership 30% 100%

Resources 2.4 Bn Tons 393 Mn Tons

Reserves 828 Mn Tons 195 Mn Tons

Production (CY17) 17.1 mn tons ( ▲ 56%) -

Current Status Improvement in international coal prices resulted in improved realisations & profitability

Share Purchase Agreement signed to divest 100% stake

23

Energy Business : High Visibility of Stable Cash-flows

Fuel Security Minimal fuel risk : Warora plant entirely tied up and Kamalanga plant ~85% tied up

Superior Expertise

Company has reputed strategic (Tenaga) & financial partner (Temasek & IDFC) Proven management team with an average of 25+ years of experience

Platform for Growth

Well established Energy platform to pursue growth opportunity in distribution,transmission and renewable development

Signed MoU with TNB Remaco (Tenaga) for setting up a facility for O&M of third partypower projects too

Strong Diversified Portfolio

Well balanced portfolio across fuel - coal, natural gas, hydro & others Bajoli Holi project in advanced stages of construction with 70% completed by Mar’18

Highly Contracted Portfolio

Over 80% of the operational capacity tied up in long term PPA’s providing visibility oflong term cash flows

Note: Excluding Chhattisgarh, Rajahmundry and Indonesian Coal Mines

Urban Infrastructure & Transportation

25

Key Highlights • Signed a Share Purchase Agreement to divest entire 51% equity stake in the Hungund Hospet project

o 15% stake has been transferred to Joint Venture partner; balance stake (36%) to be transferred post receiving all approvalso Divestment has reduced INR 10.8 bn of debt and created INR 850mn of liquidity

• Divested remaining 26% equity stake in GMR Ulundurpet and GMR Jadcherla projects during FY17o Stake transferred post receipt of all approvalso Divestment created a liquidity of ~INR 1,045mn

Divestment of Road Projects in line with Asset Light, Asset Right Strategy

Highways Projects

Project NameAnnuity Based Road Projects (285 kms) Toll Based Road Projects (216 kms)

GTAEPL TTTEPL GPEPL GCORRPL GACEPL GHVEPL

Location Tuni-Anakapalli Tambaram-Tindivanam Pochampalli Chennai ORR Ambala-

ChandigarhHyderabad-Vijayawada

Shareholding 100% 100% 100% 90% 100% 90%

Road Length (kms) 59 93 103 30 35 181

CoD Dec-04 Oct-04 Mar-09 Jun-13 Nov-08 Dec-12

Concession Period 17.5 yrs from May-02

17.5 yrs fromMay-02

20 Yrs from Sep-06 20 Yrs from Jun-10 20 Yrs from

May-06 25 Yrs from Apr-10

26

Engineering, Procurement and Construction Business

Urban Infrastructure : Special Investment Regions of ~13,000 acres

Krishnagiri SIR (Tamil Nadu) : ~2,500 acres• Setting up an 'Aerospace & Defence Manufacturing Hub' in Krishnagiri SIR on ~600 acres of

land in JV with TIDCO

• ~800 acre identified to be acquired by SIPCOT for their Phase III & IV Industrial park

• Leased out 20 acre to M/s Toyota Boshuku for their manufacturing unit

Kakinada SIR (Andhra Pradesh) : 10,400 acres• Port-based SIR, located in the Krishna-Godavari basin, to include an all weather multi-purpose

deep-water port, a logistics park, a petrochemicals cluster and an eco-industrial park

• Land of ~5,000 acre notified as SEZs

• Obtained necessary approvals on the utility/environmental from the state government

• MoU signed for monetization of 2,700 acres

o GAIL, HPCL and AP Govt. to set up a cracker unit with a proposed investment of INR 400 bnin 2,000 acres of land

• Operational Pal Plush toy manufacturing unit and Rural BPO centre in association with TATA Business Support Services

• Softbank signed an MoU to set up 4 GW of solar energy plant over 200 acres

• Consortium led by GMR won INR 51 bn dedicated eastern freight corridor project (DFCC)

• Consortium led by GMR won the construction package of rail line doubling between Jhansi and Bhimsen stations in UP and MMTS project in Hyderabad

• Current order book to be executed over next 2 years

Summing Up

28

Key Highlights : Last Few Years

Particulars

‘Asset Light Asset Right’ Approach

• Focus moved from Asset Growth to Cash Growth

• Delivered on ‘Asset Light, Asset Right’ strategy

Divestments

• Raised INR 117 bn through divestment of 8 projectso 1 Airport: Sabiha Gocken International Airport (SGIA), Turkeyo 1 Power project: Island Power Project, Singaporeo 1 Coal Mine: Eloff & Kendall Mines (Homeland Energy Group)o 3 Road projects: Jadcherla Expressway, Ulunderpet Expressway & Hungund Hospet Expresswayo 2 Transmission assets : Maru and Aravali

Capital Raising

• Raised INR 70 bn through Equity & Equity-linked Capital Raised

• Raised INR 48.8 bn through capital marketso QIP of INR 14.8 bno Rights Issue of INR 14.0 bno FCCB of INR 20.0 bn

• Induction of Tenaga Nasional Berhad (Malaysia) – USD 300mn for 30% stake in GMR Energy Ltd

• Issuance of bonds for Delhi Airport : First infrastructure project to be entirely funded by USD bondo USD 289 mn at 6.125% for 7 years (Jan 2015)o USD 523 mn at 6.125% for 10 years (Oct 2016)

• Issuance of bond for Hyderabad Airport : Lowest US Dollar 10-year bond coupon by a Corporate High Yield Issuer from Asia

o USD 350 mn at 4.25% for 10 years (Oct 2017)

29

Key Highlights : Last Few Years (cont.)

BusinessVerticals Update

Airport

• Delhi Airport received favourable order from TDSAT for pending issues of 1st control period

• Signed share purchase agreement to increase stake in Hyderabad Airport from 63% to 74%

• Awarded development rights of 23 acres (~2.1 msf) for retail district to Bharti Realty in Delhi Airport CPD

• Restarted collection of User Development Fee (UDF) under ‘Hybrid Till’ methodology for Hyderabad Airport

• Awarded new projects both in India and Overseaso Won right to develop & operate the Greenfield Airport in Mopa, North Goao Won right to develop & operate the Greenfield Airport in Crete Airport, Greece in consortium with TERNA S.A.o Won EPC contract (USD 185mn) for development of new Terminal building of Clark Airport, Philippines through Hybrid PPP model

• Received compensation of USD 271mn under arbitration of Maldives Airport

Energy

• Achieved tariff increase in multiple PPAs for both Warora & Kamalanga w.r.t. ‘change in law’ and ‘coal cost pass-through’

• Under Govt.’s ‘SHAKTI’ scheme, Kamalanga power project tied up long term coal linkage for additional 1.5 mn tons

• Completed Strategic Debt Restructuring (SDR) for Chhattisgarh & Rajahmundry projects

• Debt Refinancing completed for Warora, Kamalanga & Rajahmundry projects

• Divestment of non-core assetso Transmission projects (Maru - 74% & Aravali - 49%) for an equity consideration of INR 1 bno PT BSL coal mine for an equity consideration of ~USD 66 mno Upper Marsyagadi (Himtal) hydro project of 600MW in Nepal

• Signed MoU with TNB Remaco for setting up a facility for O&M of power projects

Urban Infra & Transportation

• Setting up an 'Aerospace & Defence Manufacturing Hub' in Krishnagiri SIR on ~600acres of land in JV with TIDCO

• MoU signed for monetization of 2,700 acres in Kakinada SIRo GAIL, HPCL and AP Govt. to set up a cracker unit with a proposed investment of INR 400 bn in 2,000 acres of land

• Won EPC project on Eastern Dedicated Freight Corridor (DFCC) worth INR 51 bn

30

• Grow Airport business (both existing and new)• Consolidate Energy business & Divest the Highways projects• Build up EPC order book targeting growth sectors viz. Railways, Highways etc• Improvement in Operational Efficiencies across various projects and cost optimization

• Focus on consolidation and strengthening of balance sheet through deleveraging

• Continuous reduction of Corporate Debt througho Value unlocking in the Airport business

o Divestment of (a) Indonesian Coal Mines, (b) Highway projects, etc

o Monetisation of Kakinada & Krishnagiri SIR land

• Refinancing of project debt through capital market (Bonds) / bank refinancing route to result intoo Reduction of interest rate,

o Longer moratorium and

o Extending maturity of debt

Focus for next 12 - 18 Months

Focus on stronger Balance Sheet through financial innovation & better project performance

Business Strategy

Financial Initiatives to Strengthen the Balance Sheet

31

Summing Up – Strengths of GMR

Managed turbulence despite strong headwinds especially from the macro environment

Ability to attract global partners even in difficult times

Most of the projects have completed and are operational : Entered cash flow generation phase

Energy Business : Stabilized and operational portfolio with a growth pipeline

Improvement in Leverage ratios aided by both debt reduction and improvement in profitability

Airports Business : 4th largest private Airport company in the world; Set to double capacity in ~5 years

Financial Analysis – FY2018

33

Performance Highlights – FY2018

Note: Consolidated Financial results pertains to continuing operations as per Ind AS standards

• Net Revenues remained flat at INR 68.1 bn in FY18

• Consolidated Cash Profit from continuing operations for the year was INR 3.5 bn

• Net Debt marginally increased to INR 147.3 bn as on Mar’18 compared to INR 143.4 bn as on Sep’17o Increase is primarily due to issuance of USD bond in GHIAL - USD 350 mn

• Leverage ratios impacted marginally due to reduction in Aero revenues in Delhi Airporto Net Debt-to-Equity & Net Debt-to-EBITDA stood at 1.9x (from 1.8x in Sep’17) and 6.7x (from 5.9x in Sep’17) resp.

Airport Sector

• Delhi Airport - Passenger traffic ▲ 14%, Gross revenues ▼ 35%, EBITDA▼ 55%o Profitability declined on account of implementation of tariff order by AERA wef 7th Jul’17o Received favourable order from TDSAT for pending issues of 1st control periodo AERA issued consultation paper proposing applicability on Base Airport Charges (Floor Aeronautical Revenues)

• Hyderabad Airport - Passenger traffic ▲ 20%, Gross revenues ▲ 13%, EBITDA▲ 10%, PAT ▲ 39%o Signed share purchase agreement to increase stake in Hyderabad Airport from 63% to 74%o Raised USD 350 mn through an international bond issuance at a coupon of 4.25% p.a. for a tenor of 10 years

• Non-Aero JVs/Subsidiaries of DIAL & GHIAL has reported net profit growth of ~80% during FY18

• Mactan Cebu Airport (Philippines) - Passenger traffic ▲ 12%, Gross revenues ▲ 23%, EBITDA▲ 26%, PAT ▲ 24%o New terminal (Phase 1 expansion) is expected to be commissioned during Jun’18

• Goa Airport – Achieved Financial Closure; Project cost of INR 19 bn; Debt : Equity of 70:30o Commenced construction of the airport during Q4FY2018

34

Performance Highlights – FY2018

Energy Sector

• Warora (600 MW) - PLF of 71%, Revenues ▲ 6% to INR 17.7 bn, PAT ▲ 35% to INR 1.9 bn

• Kamalanga (1,050 MW) - PLF of 61%, Revenues ▲ 4% to INR 19.9 bn, Net loss ▼ 74% to INR 0.8 bno Tied up long term coal linkage under Govt.’s ‘SHAKTI’ scheme - Linkage for entire contracted capacity secured

• PT GEMS (Indonesia) – Sales volume ▲ 56%, Gross revenues ▲ 92%, EBITDA▲ 119%o Realisation▲ 27% to USD 44.4 / ton; EBITDA/ton increased from USD 7.4 to USD 10.7

• Divestment of non-core Assetso Agreement signed for divestment of 100% stake in PT BSL (Indonesian coal mine) for equity consideration of

~USD 66 mno Agreement signed for divestment of entire stake in Himtal hydro project, Nepal (600 MW)

Highways Sector

• Traffic in Ambala - Chandigarh and Hyderabad - Vijaywada road projects improved 12.4% and 2.4% respectively

• Toll Rates on Hyderabad - Vijaywada road project increased by ~4.0% from 1 April 2018

EPC business

• Revenues ▲ 139% to INR 9.4 bn on account of pick-up in execution of DFCC project

Note: Consolidated Financial results pertains to continuing operations as per Ind AS standards

35

Key Financial Indicators (Consolidated)N

et R

eve

nu

eEB

ITD

A

INR bn

INR bn

9.3 8.4

4.4 4.8 4.1

32.3

21.9

Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 FY17 FY18

19.6 19.514.6 16.9 17.1

67.9 68.1


67% 60% 63% 55% 58%74%

62%

16% 27% 16%21% 21%

13%18%

6% 5%8% 7% 7%

6%7%

11% 8% 13% 17% 14%


Airport Energy Highways Others

104%93% 95%

84%102% 96% 93%

8%10% 15%

13%

18%9% 13%


Airport Highways Energy + Others

36

Airports Sector (Q4FY2018) : Operational & Financial Highlights

Delhi Airport – Passenger Traffic grew 15% Hyderabad Airport – Passenger Traffic grew 25%

(figures in INR mn)

Implementation of tariff order for Delhi Airport resulted in lower profitability

Q4FY2017 Q4FY2018 Q4FY2017 Q4FY2018 Q4FY2017 Q4FY2018

Gross Revenues 18,006 12,151 14,727 7,462 2,955 3,355

Net Revenues 10,929 8,395 7,774 3,844 2,831 3,218

EBITDA ^ 9,918 4,530 6,917 1,359 2,127 2,307

Interest 1,990 2,124 1,297 1,447 476 574

PAT 4,389 1,386 2,911 (679) 1,893 1,836

Airport Sector (Consolidated)Particulars

Delhi Airport (Standalone)

Hyderabad Airport(Standalone)

11.012.7

4.2

4.715.2

17.4

Q4FY2017 Q4FY2018

(mn pax)Domestic International

3.24.1

0.8

0.94.0

5.0

Q4FY2017 Q4FY2018


^ Adjusted for revenue share on other income

37

Airports Sector (FY2018) : Operational & Financial Highlights

Delhi Airport – Passenger Traffic grew 14% Hyderabad Airport – Passenger Traffic grew 20%

(figures in INR mn)

Passenger growth in Hyderabad Airport continues to be higher than industry growth of 16.5%

FY2017 FY2018 FY2017 FY2018 FY2017 FY2018

Gross Revenues 70,854 54,338 56,325 36,810 11,054 12,520

Net Revenues 44,043 36,194 29,977 19,195 10,592 11,991

EBITDA ^ 31,963 21,756 21,195 9,638 8,061 8,876

Interest 8,698 8,918 5,273 5,792 2,011 1,983

PAT 10,763 8,292 5,860 383 4,348 6,027

ParticularsHyderabad Airport

(Standalone)Airport Sector (Consolidated)

Delhi Airport (Standalone)

42.248.3

15.517.4

57.7

65.7

FY2017 FY2018


11.914.7

3.3

3.615.2

18.3

FY2017 FY2018


^ Adjusted for revenue share on other income

38

DIAL : Non-Aero Revenues (FY2018)

Non-Aero Revenues• Revenues ▲ 24% to INR 4.9bn in Q4 & 18% to INR 18.0bn in FY18

• Retail revenues ▲25% to INR 1.6bn in Q4; ▲16% to INR 5.2bn in FY18o Duty Free revenues in overall Retail is ~70% in FY18

o SPP (duty free) stood at ~USD 10/intl. pax

• Cargo revenues ▲ 11% to INR 0.6bn in Q4; ▲21% to INR 2.1bn in FY18o Cargo vol. ▲5% to 0.23 mn tons in Q4; ▲12% to 0.96 mn tons in FY18

• Advertisement revenues ▲ 20% to INR 1.7bn in FY18o Occupancy improved from 73% in FY17 to 78% in FY18

INR bn

Key Segments growing at a fast pace

2.58

0.79

1.58

1.04

3.32

0.64

1.60

1.19

3.25

1.17

1.711.42

3.57

1.55

2.07

1.71

Duty Free Other Retail Cargo Advertisement

FY15 FY16 FY17 FY18

Aero46%

CPD5%

Retail (incl Duty Free)

28%

Space Rentals22%

Cargo 12%

Advt. 10%

Others29%

Non Aero49%

Gross Revenue

INR 36.8 bn

39

GHIAL : Non-Aero Revenues (FY2018)

Non-Aero Revenues • Revenues ▲ 5% to INR 1.2bn in Q4 & 14% to INR 4.4bn in FY18

• Retail revenues ▲13% to INR 0.2bn in Q4 & ▲14% to INR 0.8bn in FY18o Duty Free revenues in overall Retail is 41% in FY18

o SPP (duty free) stood at USD 5.2/intl. pax in Q4 and USD 5.0/int. pax in FY18

• Fuel Farm revenue ▲15% to INR 0.3bn in Q4; ▲18% to INR 0.98bn in FY18o ATMs ▲18% in Q4 and ▲14% in FY18

• Advertisement : Revenues ▲ 13% to INR 0.4bn in FY18o Occupancy remained stable at ~60% during FY18

Key Segments growing at a fast pace

Aero64%

Retail (incl. Duty Free) 19%

Fuel Farm22%

Space Rentals16%

Advt. 9%

Others34%

Non Aero36%

Gross Revenue

INR 12.5 bn

0.14

0.30

0.72

0.12

0.22

0.32

0.70

0.250.30

0.44

0.83

0.360.34

0.50

0.98

0.40

Duty Free Other Retail Fuel Farm Advertisement

FY15 FY16 FY17 FY18INR bn

40

Airport JVs (FY2018) : Value Driver for Non-Aero Revenues

* Includes both direct & indirect stake (proportionate) through other group companies; GHIAL stake taken to be 74%^ Adjusted for revenue share on other income

(figures in INR mn)

JVs contribution to EBITDA on an upward trajectory(figures in INR mn)

Duty Free Others Total Duty Free Cargo Others Total

Gross Revenues 11,358 11,726 23,084 1,217 1,037 2,931 5,185

Revenue shared with DIAL/GHIAL 4,172 4,280 8,452 397 182 415 993

Net Revenues 7,186 7,446 14,632 820 856 2,516 4,192

EBITDA 2,175 3,319 5,494 147 352 652 1,151

PAT 1,241 1,452 2,693 134 255 (467) (78)

GMR's % Holding 67% 26% - 90% 100% 51% 49% - 100%

ParticularsDelhi Airport Hyderabad Airport

Delhi Airport Hyderabad Airport

Standalone EBITDA ^ 9,638 8,876

Share of EBITDA from JVs @ DIAL/GHIAL 2,319 (▲ 23% YoY) 886 (▲ 41% YoY)

Consolidated EBITDA (Proforma) 11,957 9,762

Share of EBITDA from JVs @ GIL * 2,065 637

Note: Financials at 100% level

41

Cebu Airport (FY2018) : Operational & Financial Highlights

Note: Financials are at 100% level

Particulars Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Gross Revenues 649 759 806 2,569 3,153

EBITDA 467 550 584 1,832 2,317

PAT 298 334 393 1,277 1,578

Passenger Traffic grew 12% Revenues grew 23%

6.4 6.8

2.53.2

8.9

10.0

FY2017 FY2018


1,535 1,775

1,035

1,378

2,569

3,153

FY2017 FY2018

(INR mn)Aero Non-Aero

(figures in INR mn)

42

Energy Sector (FY2018) : Operational & Financial Highlights(figures in INR mn)

Note: Financials at 100% level

FY2017 FY2018 FY2017 FY2018 FY2017 FY2018

Revenues 16,766 17,707 19,155 19,896 35,922 37,603

EBITDA 7,173 7,159 6,368 7,260 13,541 14,419

Interest 4,929 4,193 6,942 5,847 11,871 10,040

PAT 1,430 1,927 (2,981) (775) (1,551) 1,152

PLF 70.5% 71.3% 64.5% 60.7%

Kamalanga (B) Total (A + B)Particulars

Warora (A)

FY2017 FY2018

Sales Vol. (mn tons) 11.0 17.1

Revenues 26,064 50,170

EBITDA 5,530 12,101

Interest 220 143

PAT 2,373 7,934

ParticularsGolden Energy Mines

• Warora – Revenues ▲ 6% while EBITDA was flato PLF improves in FY18 to 71%o Lower interest expenses improves PAT to INR 1.93bn

• Kamalanga – Net loss reduces by 74%o Despite low PLFs, loss reduced to Rs 0.8bno Interest cost ▼ 16% to INR 5.8bn

• GEMS – Volumes ▲ 56% in FY18o Realisation at USD 44.4 / ton ▲ 27% o EBITDA/ton increased from USD 7.4 to USD 10.7o PAT/ton increased from USD 3.2 to USD 7.0

43

Net Debt-to-EBITDA RatioGross & Net Debt (INR bn) *

Key Balance Sheet Highlights (Consolidated)

Interest Coverage RatioNet Debt (Sector-wise) *

211.5 64.2

147.3

Gross Debt Cash & equivalents Net Debt

Airport26%

Energy20%

Highways20%

Others2%

Corporate32%

11.56

4.44

6.74

FY2016 FY2017 FY2018

1.26

1.51

0.94

FY2016 FY2017 FY2018* As on 31 Mar 2018Note : FCCB not considered in debt

Thank You

For further information, please visit Website: www.gmrgroup.in orContact: [email protected]

http://www.gmrgroup.in/

mailto:[email protected]

Annexures

46

Annexures

Particulars No.

Checklist of Companies : Ind AS Consolidation A

Profitability Statement (Consolidated) B

Financial Performance

• Airport Sector (Consolidated) C

o Delhi Airport (Standalone) D

o Hyderabad Airport (Standalone) E

• Energy Sector (Consolidated) F

o Warora (Standalone) G

o Kamalanga (Standalone) H

o PT GEMS (Indonesian Coal Mine) I

• Highways Sector (Consolidated) J

47

Annexure A : Checklist of Companies - Ind AS Consolidation

Segment Companies FY17 FY18

Airports

Delhi Airport Yes YesHyderabad Airport Yes Yes

Mactan – Cebu Airport No NoGoa Airport Yes Yes

DIAL JVs No No

GHIAL JVs Yes Yes

GMR Airports Ltd Yes Yes

Energy

GMR Energy Ltd (Standalone)

Shown as Discontinued Operations Shown as

Associate/JVCompany

Projects under GMR Energy Ltd post Tenaga investment - Warora, Kamalanga, Vemagiri, Solar,

Hydro projects

Indonesian Coal MinesChhattisgarh

Rajahmundry Pre-SDR : Discontinued OpsPost-SDR : Associate/JV Co.

HighwaysGMR Highways Ltd Yes Yes

All road projects Yes Yes

48

Annexure B : Profitability Statement (Consolidated)

INR mn

Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Gross Revenue 26,871 20,723 21,094 95,568 87,212

Less: Revenue Share 7,314 3,816 4,014 27,629 19,115

Net Revenue 19,557 16,907 17,080 67,939 68,097

Total Expenditure 10,247 12,101 12,952 35,624 46,238

EBITDA 9,310 4,806 4,128 32,315 21,859

EBITDA margin 48% 28% 24% 48% 32%

Other Income 2,154 2,045 1,255 4,823 5,530

Interest & Finance Charges 5,349 6,341 5,875 21,280 23,163

Depreciation 2,463 2,621 2,607 10,187 10,284

PBT before exceptional items 3,652 (2,111) (3,099) 5,671 (6,058)

Exceptional Income/(Expense) (3,857) - - (3,857) -

PBT (205) (2,111) (3,099) 1,814 (6,058)

Tax 3,020 (552) (383) 7,449 455

Profit after Tax (PAT) (3,226) (1,559) (2,716) (5,634) (6,513)

Add: Share in Profit / (Loss) of JVs / Associates 921 (4,419) 2,846 (684) (4,314)

PAT from Continuing Operations (2,304) (5,978) 130 (6,318) (10,826)

Add: Profit / (Loss) from Discontinued Operations 3,092 195 (81) 2,844 (319)

Add: Other Comprehensive Income (OCI) 181 (919) (489) 54 (1,107)

Total Comprehensive Income 968 (6,703) (440) (3,421) (12,253)

Less: Minority Interest (MI) 2,095 741 970 2,103 2,570

Total Comprehensive Income (post MI) (1,126) (7,444) (1,410) (5,523) (14,822)

49

Annexure C : Airports Sector (Consolidated)

INR mn

Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Aero Revenue 12,333 4,121 4,287 46,480 25,108

Non Aero Revenue 5,127 6,871 7,309 22,546 27,356

CPD Rentals 546 428 555 1,828 1,874

Gross Revenue 18,006 11,421 12,151 70,854 54,338

Less: Revenue Share ^ 7,077 3,575 3,755 26,810 18,144

Net Revenue 10,929 7,846 8,395 44,043 36,194

Operating Expenditure 1,278 3,812 4,205 13,059 15,887

EBITDA ^ 9,651 4,033 4,190 30,984 20,307

EBITDA margin 88% 51% 50% 70% 56%

Other Income 1,871 1,825 740 3,362 4,138


Depreciation 2,135 2,306 2,193 8,987 8,947

PBT 7,396 1,329 613 16,661 6,580

Tax 3,358 (610) (416) 7,305 (50)

Profit after Tax (PAT) 4,039 1,939 1,029 9,356 6,630

Add: Share in Profit / (Loss) of JVs / Associates 350 438 357 1,406 1,662

PAT (After share in JVs/Associates) 4,389 2,377 1,386 10,763 8,292

^ Includes revenue share on ‘Other Income’ also; adjusting for it, Operational EBITDA would be INR 31,963mn for FY17 and INR 21,756mn for FY18

50

Annexure D : Delhi Airport (Standalone)

* Loan prepayment charges^ Includes revenue share on ‘Other Income’ also; adjusting for it, Operational EBITDA would be INR 21,195mn for FY17 and INR 9,638mn for FY18

INR mn


Aero Revenue 10,408 2,105 2,112 39,398 17,055

Non Aero Revenue 3,922 4,593 4,865 15,285 17,988

CPD Rentals 397 415 485 1,642 1,767

Gross Revenue 14,727 7,112 7,462 56,325 36,810

Less: Revenue Share ^ 6,953 3,439 3,618 26,348 17,615

Net Revenue 7,774 3,674 3,844 29,977 19,195


EBITDA ^ 6,661 1,462 1,044 20,256 8,226

EBITDA margin 86% 40% 27% 68% 43%

Other Income 1,519 1,591 685 3,070 3,619


Depreciation 1,502 1,632 1,583 6,380 6,459

Exceptional Income/(Expense) * - - - (408) -

PBT 5,381 (202) (1,301) 11,265 (406)

Tax 2,470 (478) (622) 5,405 (788)

Profit after Tax (PAT) 2,911 276 (679) 5,860 383

Other Comprehensive Income (OCI) 421 (347) 1 (176) 128

Total Income (Including OCI) 3,332 (71) (678) 5,684 511

51

Annexure E : Hyderabad Airport (Standalone)INR mn

Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Aero Revenue 1,863 2,017 2,174 7,083 8,056

Non Aero Revenue 1,093 1,154 1,181 3,971 4,465

Gross Revenue 2,955 3,171 3,355 11,054 12,520

Less: Revenue Share ^ 124 137 138 462 529

Net Revenue 2,831 3,035 3,218 10,592 11,991

Operating Expenditure 715 835 936 2,570 3,152

EBITDA ^ 2,117 2,199 2,282 8,022 8,839

EBITDA margin 75% 72% 71% 76% 74%

Other Income 271 329 632 1,027 1,503

Interest & Finance Charges 476 443 574 2,011 1,983

Depreciation 491 496 486 2,038 1,984

Exceptional Income/(Expense) 858 - - 858 -

PBT 2,278 1,590 1,854 5,857 6,375

Tax 385 (90) 17 1,510 348

Profit after Tax (PAT) 1,893 1,680 1,836 4,348 6,027

Other Comprehensive Income (OCI) 1 4 148 (5) 149

Total Income (Including OCI) 1,894 1,684 1,984 4,343 6,176

^ Includes revenue share on ‘Other Income’ also ; adjusting for it, Operational EBITDA would be INR 8,061mn for FY17 and INR 8,876mn for FY18

52

Annexure F : Energy Sector (Consolidated)

INR mn

Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Gross Revenue 4,233 4,305 4,535 12,751 15,654


EBITDA 72 56 (16) (737) (113)

EBITDA margin 2% 1% 0% -6% -1%

Other Income 675 213 (281) 1,028 150

Interest & Fin Charges 323 991 660 2,003 2,821

Depreciation 0 6 1 22 34

Exceptional Income/(Expense) - - (3,857) - (3,857)

PBT 423 (729) (4,815) (1,735) (6,675)

Taxes (86) 67 (31) (40) 329

Profit after Tax (PAT) 510 (796) (4,784) (1,694) (7,004)

Add: Share in Profit / (Loss) of JVs / Associates 410 (4,862) 2,511 (2,261) (5,953)

PAT (After share in JVs/Associates) 919 (5,658) (2,273) (3,955) (12,957)

Note: Increase in net loss is primarily due to impairment/loss taken for Rajahmundry and Chhattisgarh project

53

Annexure G : Warora (Standalone)


INR mn


Total Revenue 5,550 3,932 6,207 16,766 17,707

Fuel - Consumption 2,065 1,726 2,266 7,170 7,568

Other Expenses 506 958 808 2,423 2,980

EBITDA 2,979 1,249 3,134 7,173 7,159

EBITDA margin 54% 32% 50% 43% 40%

Other Income 203 11 26 400 180


Depreciation (62) 304 295 1,213 1,219

PBT 1,974 (128) 1,816 1,431 1,927

Taxes (0) (1) (0) 1 (1)

PAT 1,974 (128) 1,816 1,430 1,927

Other Comprehensive Income (OCI) 0 1 1 (3) 1

Total Income (Including OCI) 1,974 (127) 1,817 1,427 1,929

54

Annexure H : Kamalanga (Standalone)


INR mn


Total Revenue 5,031 4,046 6,757 19,155 19,896

Fuel - Consumption 1,797 2,390 2,813 9,019 9,499

Other Expenses 1,440 712 907 3,769 3,137

EBITDA 1,794 943 3,038 6,368 7,260

EBITDA margin 36% 23% 45% 33% 36%

Other Income 241 108 83 556 745


Depreciation 487 757 741 2,991 3,002

PBT (293) (1,222) 1,283 (3,009) (843)

Taxes 1 (0) (10) (28) (68)

PAT (294) (1,222) 1,293 (2,981) (775)

Other Comprehensive Income (OCI) (2) 0 (0) (3) (2)

Total Income (Including OCI) (296) (1,222) 1,293 (2,984) (777)

55

Annexure I : PT GEMS (Indonesian Coal Mine)

Note: Financials are at 100% level; GMR owns 30% stake

INR mn


Production (mn tons) 2.6 4.1 5.5 9.5 15.6

Sales Volumes (mn tons) 2.7 4.1 6.4 11.0 17.1

Gross Revenue 7,251 12,060 19,834 26,064 50,170

Total Expenditure 5,141 9,405 15,426 20,534 38,069

EBITDA 2,110 2,656 4,408 5,530 12,101

EBITDA margin 29.1% 22.0% 22.2% 21.2% 24.1%

Interest & Finance Charges (net) 7 27 30 220 143

Depreciation 580 251 298 1,969 869

PBT 1,523 2,378 4,081 3,341 11,089

Taxes 361 633 1,302 968 3,155

PAT 1,162 1,746 2,779 2,373 7,934

56

Annexure J : Highways Sector (Consolidated)

INR mn

Q4FY2017 Q3FY2018 Q4FY2018 FY2017 FY2018

Gross Revenue 1,511 1,476 1,524 5,659 5,897

Less: Revenue Share 237 241 258 819 971

Net Revenue 1,274 1,235 1,265 4,841 4,926

Operating Expenses 522 619 534 1,823 2,084

EBITDA 752 617 731 3,018 2,842

EBITDA margin 59% 50% 58% 62% 58%

Other Income 13 30 38 177 159


Depreciation 175 174 313 614 816

Exceptional Income/(Expense) (3,857) - 3,857 (3,857) 3,857

PBT (4,492) (685) 2,959 (5,284) 1,366

Taxes 67 46 (58) 163 89

Profit after Tax (PAT) (4,559) (731) 3,017 (5,446) 1,277

Documents

Investor Presentation Intmation of... · 2018. 9. 7. · (PT GEMS) Under Construction / Development (Hydro) Hyderabad International Airport ^ Mactan-Cebu International Airport, Philippines